SCOLR Pharma's loss up 93%

SEATTLE POST-INTELLIGENCER STAFF

Published 10:00 pm, Thursday, May 12, 2005

SCOLR Pharma Inc., a Bellevue biopharmaceutical developer of released tablet drugs, yesterday reported that its first-quarter 2005 loss soared 93 percent, compared with the same period a year ago. For the period ending March 31, the company said it suffered a $1.8 million loss, or 5 cents per share, up from $914,603, or 3 cents per share, for the first quarter in 2004. Revenue was $87,458, down from $133,294 in the same period last year.

The company ended this most recent quarter with $18.9 million in cash and cash equivalents. It said its losses would continue for the foreseeable future, as it continues with research and development. Its first quarter 2005 research and development costs rose to $1.2 million, a 229 percent increase from $369,997 in the same period a year ago.

In other local earnings news, Saflink, a Bellevue maker of biometric security technology, yesterday reported revenue of $2.2 million and a net loss of $6.8 million for the period ended March 31. That compares with revenue of $802,000 and a net loss of $2 million for the same period last year.

Saflink said it recently won an order worth more than $500,000 to equip 21 correctional facilities in a northeastern state with a system to validate the identities of guards at shift changes. It plans to recognize the revenue in the second or third quarters.